Closings of new homes in the Bangor, ME market slid year-over-year in July, falling after remaining level in June from the year earlier. Closings stood at 0 in July after being 2 a year earlier and remaining unchanged at 0 in June from a year earlier. New home closings moved from 2 a year earlier to none after the figure moved from none in June 2014 to none in June 2015.
New home closings represented none out of the 203 total closings, which is a smaller percentage than the 2 of 128 total closings a year earlier. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Other Market Trends
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 7.4% of existing home closings, below 13.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 1.0% in July from 5.6% a year earlier while REO closings as a percentage of existing home closings dropped to 6.4% from 7.9% a year earlier.